Carige, the case against the ECB reaches judgement

The clash between the Malacalza family and the European Central Bank has reached its first major ruling. The EU Court's decision is expected today on the EUR 880 million compensation claim against the ECB by Malacalza Investimenti, a former major shareholder of Banca Carige. And it is precisely the affair of the Genoese credit institution, now part of the Bper group, that is at the centre of the dispute between the family of entrepreneurs and the ECB.

The Malacalza family, steel entrepreneurs now focused on the production of large superconducting magnets, entered Carige in 2015, buying 10.5% from the Fondazione Cassa di Risparmio di Genova e Imperia. They then gradually rose in shares, until they reached a prominent position within the credit institution's shareholding structure, attaining control of 27.5% of the shares. This was achieved, through share purchases and capital increases, thanks to heavy investments in the bank, which totalled almost EUR 500 million. At the beginning of 2019, however, after years marked also by a series of clashes between the Malacalza family and the CEOs who succeeded one another at the helm of the bank's board (chosen by the Malacalza themselves but then, invariably, coming into conflict with the reference shareholders), the family was ousted from control, following the ECB's decision to commission Carige.

The bank then emerged from receivership in 2020, thanks to the intervention of the Interbank Deposit Protection Fund (Fitd), with a EUR 700 million rescue operation, to which EUR 200 million of convertible bonds were added. The following year Carige was acquired by Bper. In October 2022, however, the EU Court annulled the ECB's receivership, following an appeal by a small shareholder of the bank, Francesca Corneli, who held 0.000361% of the bank's share capital. In their turn, the Malcalza family turned to the Luxembourg court, claiming €880m in compensation. A ruling is expected today. But no matter what the court decides, it can be expected that the legal battle will not stop.